CVC Capital Partners, who is backed up by Och-Ziff Capital Management Group LLC and Schroders, the asset manager, has raised US$200 million in pledges. The fundraising is for its US$1.5 billion bid for its interest in PT Matahari Department Store.
This was confirmed by sources having direct knowledge of the transaction and the sale of the Indonesian retailer is expected to be its biggest share sale in recent memory. CVC Capital Partners is a private equity firm based out of London. It holds nearly 40% share of Matahari and this is what is being offered for sale.
The sale is also considered as a seminal case for private equity firms exiting Indonesia. There is an apparent drain of these interests after the gold rush during the rapid economic growth of Indonesia's economy in the late '90s.
The sale is also being backed up by Goldman Sachs Investment Partners together with hedge fund Lone Pine Capital. This list though is still subject to change together with the fund commitments until the final sale contract is finalized.
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